PKB private bank officials under investigation for fiscal fraud

Eighteen managers at the Swiss private bank PKB Privatbank are being investigated in Italy for fiscal fraud and money laundering, according to an Italian prosecutor. The Milan Public Prosecutor's Office, led by Francesco Greco, is carrying out the investigation against the officials, who are residents in Italy where PKB owns the Italian private bank Cassa Lombarda. On Wednesday, Italian police carried out searches of the people under investigation and seized documents and electronic devices at the Cassa Lombarda headquarters in Milan, the prosecutor said. In a statement, PKB confirmed to Reuters that the bank and some of its staff were being investigated. “As far as we know, the investigation tends to assess the way the bank has operated on the Italian market in past years and does not concern its customers,” it said. “We believe that the bank and its partners have always acted according to the existing regulation,” it added. Banca Lombarda said its headquarters had ...